A West Vancouver wealth-management adviser has been prohibited from trading in or purchasing any securities or exchange contracts.

Lynne Rae Nickford, a.k.a. Lynne Zlotnik, has also been barred from acting as a director or officer of any issuer or registrant.

In addition, she's been ordered not to promote or consult in any way in connection with the securities market.

This came after a B.C. Securities Commission panel found that she spent more than $318,000 of investors' money on personal expenses, including gambling, which was unrelated to her company.

"In her submissions, Nickford submits that she suffers from mental illness and her gambling is attributable to that illness," the panel's decision states. "She argues that her mental illness must be taken into account as having 'the full impact of a mitigating circumstance'."

The panel, however, concluded that its review of documents submitted by Nickford does not establish she was "suffering from the alleged mental illness during the relevant period".

"Nor do they establish a connection between the alleged mental illness and an addiction to gambling, but only suggest the possibility of such a connection," the decision states. "We reiterate our finding that Nickford has not provided evidence of her mental health sufficient for it to be a factor to consider in these proceedings."

Nickford persuaded 13 people to invest in her company, Lynne Zlotnik Wealth Management, in 2009 and 2010.

She's been fined $300,000 and faces a disgorgement order of $318,141.